Indian markets kicked off the week on a high note.The Sensex jumped over 500 points and the Nifty pushed past 24,400 in Monday trade, and banks did most of the heavy lifting.Private lenders like HDFC Bank, Axis Bank, IndusInd Bank and Bandhan Bank all posted strong provisional numbers for the June quarter, and that got investors excited early.Analysts at Jefferies said HDFC Bank, IndusInd Bank and Bandhan Bank saw a better than expected pickup in loan growth. Kotak Mahindra Bank didn't get the same treatment though, its growth softened a bit, and the stock slipped nearly four percent as a result.
Crude oil helped too. Prices have been easing globally, and that's a relief for a country that imports most of its oil. And global cues played their part, with markets staying upbeat after a mostly calm run over the weekend.FIIs bought shares worth over Rs 1,355 crore on Friday, which added more fuel to the rally. Auto, realty and oil and gas stocks led sector gains, while IT stocks also clawed back some ground after a rough patch.Honestly, four straight weeks of gains starts to feel less like luck and more like a pattern building.
Defence shares had their own moment too, rising as much as six percent after the Defence Acquisition Council cleared proposals worth Rs 52,000 crore. HDFC Bank reported a 15.4 percent jump in gross advances to Rs 30.6 lakh crore, and its deposits grew nearly 15 percent as well.Axis Bank's advances rose 18.8 percent year on year. Bandhan Bank's loan book grew 16.4 percent to Rs 1.55 lakh crore for the quarter.Not every bank shared the cheer.
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